Bitcoin surged and global equities recovered some of the week’s losses on Friday, as investors weighed the U.S. Treasury’s efforts to rein in long-term borrowing costs following a turbulent week in debt markets.
Bitcoin climbed nearly 6% to top $77,000, putting the cryptocurrency on track for its biggest weekly gain since 2023 and its highest level since May. The rally was driven largely by a surprise Treasury move to expand buybacks of long-dated government bonds, which boosted market liquidity and lifted investor appetite for riskier assets. Gains were reinforced by U.S. President Donald Trump’s renewed call for lawmakers to pass stalled crypto legislation, and by comments reviving the idea of the U.S. government accumulating bitcoin holdings at scale.
Wall Street shares also advanced, with most of the S&P 500 higher after data showed U.S. business activity expanding at its fastest pace in more than four years. The Nasdaq 100 snapped a five-session losing streak ahead of Nvidia’s earnings report next week. Ten-year Treasury yields held steady at around 4.74%, just below the 4.75% threshold analysts say could renew pressure on equities if breached.
“The turmoil in the debt markets continues despite efforts to calm feverish borrowing costs,” said Susannah Streeter, chief investment strategist at Wealth Club.
Oil prices held onto weekly gains as the United States and Iran remained at odds over reopening the Strait of Hormuz. Gold also advanced. In Asia, Seoul stocks rose on a rally in chipmakers, with Samsung Electronics up nearly 4% after unveiling plans to return between 90 trillion and 110 trillion won ($65–80 billion) to shareholders through buybacks, its largest such program to date. Hong Kong shares also gained, while Tokyo slipped and Shanghai was little changed.
Investors are now looking to next week’s Jackson Hole gathering of central bankers and economists, where markets will parse comments from Federal Reserve Chair Kevin Warsh for signals on monetary policy, and to a fiscal initiative expected from Treasury Secretary Scott Bessent.
